Bitcoin Will Be World’s Single Currency – Twitter CEO Jack Dorseybr>
Jack Dorsey, CEO of Twitter and payments platform Square, believes bitcoin will overtake the world’s supply of fiat currency within ten years.
In an interview with The Times of London, Dorsey said that the “father of cryptocurrencies” will become the world’s single currency within a decade.
“The world ultimately will have a single currency, the Internet will have a single currency,” Dorsey said. “I personally believe that it will be bitcoin. It would happen probably over ten years, but it could go faster.”
Dorsey conceded that bitcoin “does not have the capabilities right now to become an effective currency.” But he believes there are newer technologies that build off of blockchain and make it more approachable.
Bitcoin’s volatility, high transaction fees, and low merchant adoption rate has prevented the cryptocurrency from achieving all it can. But Dorsey is confident that the cryptocurrency will someday be used for everyday purchases, from cups of coffee to haircuts.
“We see it as a long-term path toward greater financial access for all,” he said.
The Twitter and Square chief executive has become increasingly involved in cryptocurrencies. Last week, he participated in a funding round that raised $2.5 million for Lightning Labs, a startup trying to make bitcoin transactions more efficient. Last year, Square added support for bitcoin and the feature recently rolled out to all Square Cash users.